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Collection Solution within 6 months

Collection Solution within 6 months

Business Goal: Improve Collections

Our client who operates internationally and has recently in the past few years made a big mark in the consumer lending space in Australia were having issues with their collections department in house.

They were already taking inbound customer services enquires for us, having exceeded their expectations with inbound customer service and having learned that we also specialise in the early collection for both consumer and business customer, talks began to outsource their collections activity into CDM Direct.

Challenges

To measure our performance, we were given a target to reach a conversion rate of 90% with a regularisation rate of 80% over a 6 months period. The approach we took to get to this target is by focusing on keeping the customers in the payment cycle, however, this was a double-edged sword. The first hurdle that we needed to overcome was to penetrate through to the customers and get a promise to pay.

Solution

We adapted strategic techniques. For example, making use of a uniquely programmed predictive dialer system, which works on calling accounts at a different time and days of the week, using multiple caller ID numbers and by skip tracing, we managed to achieve a penetrate and achieve a conversion rate of 93%. By reviewing loan cards on a regular basis and keeping customers in the payment cycle, after a 6 months period, we hit a regularization rate of 85%.

Our collections team for this particular client has increased from 2 agents to a team of 7 FTE agents now.

Outcomes

Exceeding Expectations

Achieved a penetrate and achieve a conversion rate of 93%

Target Reached

Target was reached within 6 months

Fast Regulation Rate

We hit a regularization rate of 85%

AGILE

We’re able to adapt to a changing business landscape quickly and seamlessly.

PEOPLE

Our people become your people, offering the highest standard of customer service to your customers.

EXPERIENCE

We have over 25 years of experience working across a wide range of fields.

RESPONSIVE

We’re experts at getting campaigns into field , and delivering, quickly.

TECHNOLOGY

We’ve made the investment in state of the art of technology so that you don’t have to.

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